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Thenewscrypto

12/06/2023

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Cardano Market Cap Adds $1 Billion as ADA Price Soars

Cardano’s market capitalization increased by over $1 billion in 24 hours, reaching $15.5 billion. ADA is currently the 8th-largest cryptocurrency by valuation, according to CoinMarketCap. ADA experienced a 9%...

Cardano Market Cap Adds $1 Billion as ADA Price Soars
  • Cardano’s market capitalization increased by over $1 billion in 24 hours, reaching $15.5 billion.
  • ADA is currently the 8th-largest cryptocurrency by valuation, according to CoinMarketCap.
  • ADA experienced a 9% gain, rallying from $0.412 to a peak of $0.434.

Cardano’s ADA saw its market cap surge by over $1 billion in just 24 hours, amidst a new wave of intense buying pressure.

At press time, ADA’s overall market cap stands at $15.5 billion, cementing it as the 8th-largest cryptocurrency by valuation, according to CoinMarketCap.

The latest push saw the ADA rally from intraday lows of $0.412 to a peak of $0.434, notching a 9% gain. The move has added further momentum to a revival that has now brought ADA some 50% off its mid-June lows.

Cardano trading volumes spike by 138%

Propelling gains this week have been a sharp rise in investor attention and activity around the token. Trading volumes for ADA over the past 24 hours soared to $850 million—a staggering 138% increase.

Development activities around decentralized applications (dApps) on the network also continue to grow at a steady pace. Over 412 projects are now building on the platform, whether in early fundraising stages or actively maintained protocols leveraging Cardano’s base layer.

While competition remains fierce across protocol ecosystems in the race towards Web3 mass adoption, Cardano proponents believe the blockchain’s methodically constructed architecture focused on security and scalability sets it apart from rival smart contract platforms.

As markets pause to take a breath amidst the euphoric run this past week, ADA appears poised to capitalize further on any pullback should traders maintain conviction during moments of hesitation.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.

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